The government of South Korea is planning to adopt blockchain technology in various industries. The central bank of South Korea is currently reviewing the use of a central bank digital currency, and various government ministries want to adopt decentralized identification features within their current systems. Hospitals, pharmaceutical companies, and research centers are also looking at blockchain solutions. The South Korean government is encouraging blockchain technology and conducting several proof-of-concept projects to find a way to connect blockchain to the current system.
Healthcare industry to benefit from blockchain tech.
Earlier, the Commons Foundation, a South Korean non-governmental organization, revealed its plans to develop a blockchain-based platform that aims to handle health epidemics in the wake of the COVID-19 crisis. According to local news reports, the NGO will rely on blockchain public services to create an epidemiological research system for the coming post-coronavirus era. Choi Yong-Gwan, the Commons Foundation’s chairman, expressed concerns over the ongoing violation of personal information due to the pandemic emergency situation that motivated the NGO to develop a solution. Blockchain-based startups have also attracted venture capital across countries worldwide.
Regulators around the world take a serious look at blockchain amid the pandemic.
Regulators across the world are taking a serious look at the various use of blockchain technology amid the ongoing global pandemic. The digital ledger tech is currently being utilized in many sectors across countries, including healthcare and logistics. Regulators worldwide have acknowledged blockchain technology as a revolutionary tech with multiple uses across different fields. Earlier, the US Senate proposed blockchain technology for remote voting and other official activities.
The technology was initially meant to underpin cryptocurrencies as all transactions are permanently recorded on a digital ledger that can not be hacked or altered. As reported earlier, BHP Group, one of the world’s leading mining companies, announced that it completed a $14 million iron ore trade using a blockchain platform developed by the Canada-based technology company MineHub Technologies.